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Mar
06
2010
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Deadline has expired
- VAT Return Date
Due date for January VAT returns (electronic payments)
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Mar
11
2010
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Deadline has expired
- Deregistering for VAT
Deregistration from VAT is usually a fairly straightforward process. However, there are some important aspects to bear in mind which, if misunderstood, could prove costly.
A business must deregister if:
- it stops making taxable supplies
- the legal entity changes, e.g. from a sole trader to a company (although the new entity could retain the existing VAT number)
- it is sold (although the owner could retain the VAT number)
- it registered because it intended to make taxable supplies but the intention no longer exists,
- it is a corporate body and wants to join a group registration, or
- it is the representative member of a group registration and the group is to be disbanded.
A business may deregister if it can satisfy HM Revenue & Customs that taxable turnover in the next 12 months will not exceed the deregistration threshold, currently £66,000. Although supplies of capital assets can be ignored in applying this threshold, positive rated supplies of land and buildings must be included. Sometimes, satisfying HM Revenue & Customs of reduced turnover levels can be difficult.
Perhaps the area most misunderstood is the treatment of assets on hand at deregistration. VAT must be accounted for on tangible assets on hand (intangible assets such as goodwill are excluded) and positive rated interests in land on hand at deregistration where the VAT due would exceed £1,000. Therefore, the VAT-inclusive value would have to be £6,714 or more if all the assets were standard rated and the rate was 17.5% (£7,667 with the rate at 15%). It is important to include any relevant assets previously acquired in a transfer of a going concern, even though no VAT would have been charged at the time. However, assets may be excluded if VAT was not deductible on their original purchase e.g. cars, goods for business entertainment and any goods wholly used for exempt activities (although if the input tax was partially recoverable, such assets must still be included).
If compulsory deregistration applies, HM Revenue & Customs will often allow the registration to stay open for up to 6 months in order to 'tie up loose ends'.
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Mar
19
2010
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- PAYE/NIC/student loan payment
PAYE/NIC/Student Loan Payment
If paying by cheque, pay PAYE, NICs, student loan deductions and deductions from payments to subcontractors for the month up to the 5th of this month.
- CIS return date
Construction Industry Scheme : Monthly return due for period to 5th of month
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Mar
21
2010
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- PAYE/NIC/student loan payment
If paying electronically, pay PAYE, NICs, student loan deductions and deductions from payments to subcontractors for the month up to the 5th of this month.
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Mar
24
2010
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- Budget Day
The Chancellor, Alistair Darling will present his Budget Report on 24 March 2010. This is the final Budget of the current Government prior to the General Election.
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Mar
31
2010
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- Company accounts filing deadline
Company Accounts Filing Date
Filing deadline at Companies House (Northern Ireland: Companies Registry) of accounts for private companies with a year ended 30 June 2009 and for public companies with a year ended 30 September 2009.
- VAT Date
Deadline for VAT partial exemption special method approval if backdating required to 1 April 2009 (March VAT year ends)
- VAT Return Date
Due date for February VAT returns.
- Intrastat
Due date for payment of supplementary declarations for February 2009
- Corporation tax date
End of Corporation Tax financial year
- CT61 date
End of CT61 quarterly period
- Corporation tax return date
Filing deadline for Corporation Tax Return Form CT600 for period ended 31 March 2009 to be submitted to HMRC
- Corporation tax returns
The corporation tax return (CTSA) for accounting periods ened 31 March 2009 should be filed.
- End of 40% first year allowance
Temporary 40% first year allowance ceases for incorporated businesses
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Apr
01
2010
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- Increase in rates
The 2008 Pre Budget Report announced that rates for unleaded petrol and diesel would increase by the rate of indexation and 0.5 pence per litre
- New banding duty introduced
APD increases apply
- Corporation tax
Due date for payment of Corporation Tax for year ended 30 June 2009.
- Landfill tax
Landfill tax standard rate increases to £48 per tonne
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Apr
05
2010
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- CGT date
CGT Date
Last day to use the 2009/10 capital gains tax exemption of £10,100
- ISA date
Last day to use the 2009/10 ISA investment limit of £7,200 or £10,200 (over 50s)
- End tax year date
Last day of 2009/10 tax year
- Inheritance tax date
Last day to utilise 2009/10 inheritance tax exemptions
- End of 40% first year allowance
Temporary 40% first year allowance ceases for unincorporated businesses
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Apr
06
2010
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- Reduction in personal allowances
Basic personal allowance for income tax to be reduced. This is to be in two stages for those with gross incomes above £100,000 and £140,000
- Increase in annual allowance and lifetime allowance
Annual allowance increases from £245,000 to £255,000 - the lifetime allowance increases to £1,750,000. These allowance limits are to apply to 5 April 2016
- Start tax year
First day of 2010/11 tax year
- Furnished holiday lettings
Furnished holiday lettings rules abolished
- Company car tax
Company car tax for electric cars and vans reduced to 0 per cent
- Company car tax
Fuel rate multiplier increases from £16,900 to £18,000
- Company car tax
Fuel benefit for vans increases from £500 to £550
- Capital allowances
New, unused electric vans capital allowance deduction is now 100 per cent
- New 50% income tax rate
50% rate of tax applies to income over £150,000. Personal allowances restricted for those with income over £100,000. Dividend rate is now 42.5%. Trust rate increases from 40% to 50%.
- Increase in inheritance tax threshold
Inheritance tax increases to £350,000, married couples and civil partners have an effective allowance of £700,000
- ISA allowance increases for those 18-49
ISA allowance increases to £10,200 for all taxpayers 18 and over. The cash ISA limit included in this limit is £5,100.
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Apr
07
2010
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- VAT Return Date
Due date for February VAT returns (electronic payments)
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Apr
14
2010
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- CT61 payment
Due date for income tax for the CT61 period to 31 March 2010
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